GreenWATT’s blockchain-enabled system, developed with BlockApps and Optimum, precisely tracks energy usage and calculates carbon credits, driving over 20% cost savings and industry-leading efficiency of 92-96%.
About the Client
GreenWATT, the nation’s premier Clean Energy Technology firm, is dedicated to reducing energy consumption and greenhouse gas emissions through innovative solutions.
Business Challenges
In response to expanding environmental legislation such as NYC’s Greener, Greater Buildings Plan, which mandates carbon neutrality for buildings by 2025, GreenWATT faced significant challenges. These included:
- Measuring and Reporting: Accurately measuring and reporting annual carbon impact.
- Cost-Benefit Analysis: Performing proper cost-benefit analysis of building upgrades.
- Automation and Monetization: Automating services and monetizing carbon credits.
By 2029, NYC building owners will face fines of $268 per ton of carbon emission exceeding their cap. Similar regulations are emerging globally, making it crucial for building owners to retrofit systems to reduce costs and emissions. However, the upfront costs and efforts are often daunting.
Optimum’s Involvement
GreenWATT partnered with BlockApps and Optimum to develop a blockchain-based energy tracking system aimed at creating an ecosystem for real-estate managers, energy manufacturers, and regulators. This system was designed to:
- Track Energy Usage: Precisely track the energy usage of building systems.
- Calculate Savings: Calculate cost and ecological savings from building improvements, such as GreenWATT’s co-generator units, with 40+ installations across the Bronx, NY.
- Tokenize Savings: Convert ecological savings into tokenized assets (carbon credits) for exchange and regulatory compliance.
- Incentivize Innovations: Use tokenized assets as incentives for new or improved energy management products and services.
Phase one, deployed at the end of 2020, focused on:
- Blockchain Network: Creating a secure network where IoT-connected co-gen unit data is uploaded to a blockchain ledger.
- Smart Contracts: Automatically estimating CO2 reductions using smart contracts.
Future phases will expand the system to:
- Additional Technologies: Onboard additional CO2 reduction technologies like efficient LED light bulbs.
- Marketplace Creation: Develop a marketplace for trading carbon credits and integrating custom functionality specific to CO2 technologies.
Project Outcomes and Benefits
The implementation of GreenWATT’s blockchain-based system has delivered significant benefits, including:
- 20% Cost Reductions: Achieving residual energy cost reductions of over 20% with industry-leading efficiency of 92-96%.
- Compliance Reporting: Standardized and simplified compliance reporting.
- Incentive Programs: Eligibility for incentive and regional FIT programs.
- Preventative Maintenance: Automated building maintenance and energy tracking alerts using smart contracts.
- Carbon Credit Trading: Enabling carbon credit (token) trading and collaboration with CO2 reduction technology contractors.
This innovative solution not only ensures regulatory compliance but also drives substantial cost savings and supports the broader adoption of green technologies in building management.
About Optimum: Your Partner in Blockchain Solutions
Optimum is a nationally recognized IT consulting firm committed to crafting blockchain solutions that harness the potential of decentralized networks and smart contracts, while upholding the highest standards of security and transparency.
We specialize in designing and developing enterprise-level blockchain solutions across various industries. From proof-of-concept (POC) to seamless integration with web services and full production deployment, we enable our clients to shape the future of decentralized technology and drive digital transformation.
Reach out today for a complimentary discovery session, and let’s explore the best blockchain solution for your needs!
Contact us: info@optimumcs.com | 713.505.0300 | www.optimumcs.com
